DailyFX.com -

Daily

Crude Breaks Out

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

Automate trades with Mirror Trader and see ideas on other USD crosses

-“Since February, crude has been trading in what appears to be a triangle pattern. This dip may be the final leg of the triangle although I was looking for support closer to 101.25. That could still be reached but today’s reversal at the top side of former trendline resistance (which has seen 2 false breaks) is constructive.” The market never traded lower and crude has now broken out. Look towards 109.53 as long as price is above 104.34.

LEVELS: 103.65 104.49 105.19 | 106.41 107.72 109.53

--Trading specifics (setups with entries, stops, targets) are availabletoJ.S. Trade Desk members.

You May Also Like

COMPANIES IN THIS ARTICLE
Related Forex Analysis
  1. Forex News

    Crude Oil Weakness Seen Ahead, SPX 500 Recovery Loses Steam

  2. Forex News

    Crude Rally from January a Completed Correction?

  3. Forex News

    Gold Breaks Range Support, SPX 500 Attempts Cautious Recovery

  4. Forex News

    Gold Stalls at Chart Support as SPX 500 Digests After Dramatic Drop

  5. Forex News

    Crude Oil Consolidates, Awaiting Greek Referendum and Iran Deal

Trading Center
×

You are using adblocking software

Want access to all of Investopedia? Add us to your “whitelist”
so you'll never miss a feature!